"Mr Cameron said that a “wall of saving in the East and a wall of debt in the West” prompted the 2008 crisis and that had yet to be resolved. “It’s a vital meeting we’re having,” he said. After urging China earlier this week to spend more and save less, he turned to the US, saying that countries with big deficits “need to deal with those deficits”. “The fear we should all have is a return to what happened in the 1930s: protectionism, trade barriers, currency wars, countries pursuing beggar-my-neighbour policies — trying to do well for themselves but not caring about the rest of the world. That is the danger.”" – Times (£)

Eurosceptic anger at 'loophole' in Coalition's Referendum Lock

"Critics of the European Union yesterday reacted furiously when it emerged the Government could hand new powers to Brussels without a referendum if ministers think the changes are not “significant”. The loophole in the Tory election pledge not to surrender more power without voters’ consent became clear when the Government published its European Union Bill, which enshrines in law David Cameron’s pledge of a “referendum lock”." – Express

"The government will be able to transfer some powers from Britain to the EU without a referendum under new proposals, despite promising the public would get to vote on any such move. The new EU Bill says a minister will be able to simply state the transfer of power is not significant enough to merit a referendum in some cases." – BBC

But Bagehot in The Economist is positive: "Britain’s new referendum lock is a big idea, whose consequences could take years to emerge. It will not make the British public love the EU: that is a lost cause. Instead, assuming that the EU decides it needs hefty new powers in the future (above and beyond current proposals about economic governance, which overwhelmingly concern countries using the single currency), the new lock would probably lead to a multi-speed EU with the British in the slow lane."

Iain Duncan Smith: Benefits culture is a national crisis that must end

"Iain Duncan Smith, the Work and Pensions Secretary, said it was a "sin" that the majority of jobs created during one of the longest economic booms in the country's history had gone to foreigners, because British people were not "capable or able" to do them. The former Conservative leader made the comments as he unveiled the Government's welfare reforms which are billed as the most radical changes in a generation." – Telegraph

The Times (£) is slightly disappointed with the reform: "The great promise of the universal credit was that it would start to eliminate the poverty trap. But yesterday’s White Paper has already disappointed expectations that claimants will be able to keep almost half of any extra money they earn. That figure is likely to be closer to a quarter for many people. It looks as though Mr Duncan Smith has not convinced the Treasury to provide enough funds to go as far as he had hoped. This is a problem. Unless the incentives to work are sharp enough, the risk is that people will continue to work on the black market."

"Lecturers at Goldsmiths College said: "The real violence in this situation relates not to a smashed window but to the destructive impact of the cuts." But Downing Street said: "Praising violence over peaceful protest is frankly irresponsible."" – BBC

"Clegg 2.0 promised he would “prioritize the interests of the poor.” Clegg 3.0 is throwing the poor out of their homes and making it harder for them to go to university. I was the first person in my family to stay on in education beyond the age of 16. Would I have had the confidence to go to Cambridge if I had known I’d be racking up more than £36,000 in fees and loans? Would I have felt internally pressured to choose a much cheaper university, and lesser chances in life?" – Johann Hari in The Independent

Cameron confirms he will travel to Zurich next month to support England's World Cup bid – BBC | Sun

Vince Cable watered down Theresa May's immigration speech

"The Home Secretary was forced to water down her first big speech on immigration last week after high-level interventions from Downing Street and Vince Cable’s business department. Government insiders said they felt Theresa May’s original speech was “over the top” in tone and substance." – FT(£)

"The Prime Minister said that in contrast to the previous Labour government he was stripping out unnecessary costs on presentation and communications. By employing an in-house photographer, taxpayers would not have to spend money on freelance snappers. Mr Cameron went on: “The last government spent masses of money on commissioning videos and films and cameras and all the rest of it, and actually employing someone will save money.”" – The Telegraph

Tory councillor arrested after using Twitter to call for female newspaper columnist to be stoned to death – Daily Mail

"The stench of deceit and corruption is once again beginning to fill the Tory benches" – Peter Oborne in The Telegraph

Boris Johnson unveils new Routemaster bus

"The new double-decker is based on the old driver-and-conductor red Routemaster which was retired from service in 2005. The British classic has been updated, boasting sharp, geometrically-shaped windows and a glossy coat of paint. It will also be quieter than conventional buses and 40% more efficient than diesel double-deckers. The London mayor said: ‘This is a fantastic machine. There will be a substantial number on London's roads and there is already a lot of interest from around the world for this bus.’" – Metro

And finally… The New Statesman's latest edition is a Margaret Thatcher special

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